By JKNewsMedia
FITCH RATINGS has upgraded Fidelity Bank Plc’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’ while affirming its Long-Term Issuer Default Rating (IDR) at ‘B’, following a strengthened capital base and a surge in profitability.
The announcement, made on 29 May 2025, highlights improved fundamentals, including enhanced earnings and a stable deposit structure that continues to underpin performance.
The global rating agency cited the successful capital raise through a rights issue and public offer, alongside higher interest income and a 93% share of low-cost deposits, as key contributors to the upgrade.
These elements have solidified the bank’s financial footing despite prevailing economic headwinds.
Fidelity Bank’s Fitch Core Capital ratio stood at 29.9% at the end of 2024, significantly above regulatory thresholds.
With additional capital raising plans underway, the bank is on track to meet the Central Bank of Nigeria (CBN)’s ₦500 billion capital requirement for international banks ahead of the stipulated deadline.
The bank maintains a prominent position within Nigeria’s financial ecosystem.
As the sixth-largest lender by assets, Fidelity commands roughly 5% of total banking sector assets, with a balance sheet strengthened by high liquidity and strong asset quality.
Managing Director and CEO Dr. Nneka Onyeali-Ikpe attributed the Fitch upgrade to the resilience of the bank’s business model and prudent risk governance.
She emphasised Fidelity’s ongoing commitment to delivering stakeholder value through consistent performance and customer-centric banking.
With over 9.1 million customers and a growing international footprint via its United Kingdom (UK) subsidiary, FidBank UK Limited, the bank’s operational network includes 255 business offices and a suite of award-winning digital services.
Recognition for its innovation includes multiple 2024 accolades such as the Excellence in Digital Transformation & MSME Banking Award by BusinessDay BAFI Awards and the Most Innovative Mobile Banking Application by Global Business Outlook.
The rating enhancement is expected to boost investor confidence and reinforce Fidelity’s strategic ambition to scale its presence across key domestic and global markets.
